Cash-Strapped Australians Ditch Private Health Insurance Amid Cost-of-Living Crisis

Facing rising living costs, many Australians are canceling their private health insurance policies to save money. A recent survey reveals that nearly one in five policyholders have either downgraded or dropped their coverage, citing unaffordable premiums and out-of-pocket expenses. The trend highlights the growing financial strain on households as inflation and interest rates squeeze budgets. Experts warn that this could lead to increased pressure on the public healthcare system, with more people relying on Medicare. Insurers are urged to address affordability concerns, while policymakers face calls to reform the sector to ensure access to essential healthcare services. The shift underscores the difficult trade-offs Australians are making to cope with the cost-of-living crisis.

(By Ziqi Qin)

(Ref:https://www.news.com.au/finance/money/costs/one-thing-cashstrapped-aussies-are-ditching-in-droves/news-story/87ece092fd54bf240db422b806cdd09c)